Gold prices soared to new record highs this week as investors around the world sought safety from economic uncertainty and growing geopolitical tensions. On Monday, the price of spot gold hit US$3,122.80 per troy ounce (approximately $4,466 CAD), reflecting a sharp jump amid volatile global markets.
Following the implementation of President Donald Trump’s latest round of tariffs on April 2—an event he dubbed “Liberation Day”—gold prices climbed even higher. On Wednesday, spot gold reached a new peak of US$3,167.57 per ounce (about $4,530 CAD), continuing a trend that has seen the metal rise 19 per cent since the beginning of 2025.
Gold futures also set a record earlier in the week, peaking at US$3,157.40 (roughly $4,516 CAD) per ounce in Monday trading. These new highs underscore growing investor appetite for safe-haven assets amid fears of inflation, global economic slowdown, and escalating trade conflict.
Trump’s tariff policy has shaken global markets, creating waves of uncertainty for businesses and consumers alike. Retaliatory measures from traditional U.S. allies have only deepened the instability, with economists warning of higher costs across the board. Against this backdrop, gold has emerged as a preferred store of value.
While some analysts expect gold to continue climbing in the months ahead, they also warn that precious metals remain volatile. Still, ongoing demand from central banks and continued geopolitical instability—including wars in Ukraine and Gaza—have helped support the current rally.